Hon’ble Prime Minister envisioned housing for All by 2022 when the Nation completes 75 years of its Independence. In order to achieve this objective, Central Government has launched a comprehensive mission “Housing for All by 2022”. This much awaited scheme has been launched by the Prime Minister of India, Sh. Narendra Modi on 25th June, 2015 as Pradhan Mantri Awas Yojana.

The Cabinet has also directed the Ministries/Departments concerned with these sectors to utilize the available draft sectoral plans to finalize and implement the Action Plans for the identified Champion Services Sectors. The respective line Ministries/Departments shall finalize the Action Plans and the implementation timelines along with a monitoring mechanism to monitor implementation under the overall guidance of the Committee of Secretaries (CoS) under Cabinet Secretary.

A dedicated fund of Rs. 5000 crores has been proposed to be established to support initiatives for sectoral Action Plans of the Champion Sectors.

Impact

This initiative will enhance the competitiveness of India's service sectors through the implementation of focused and monitored Action Plans, thereby promoting GDP growth, creating more jobs and promoting exports to global markets.

Employment Generation Potential

Services sector in India has immense employment potential. The proposal will enhance the competitiveness of India's service sectors through the implementation of focused and monitored Action Plans, thereby creating more jobs in India, contributing to a higher GDP and exports of services to global markets.

Financial Implications

Certain components of the various sectoral Action Plans that are envisaged to be prepared, related to elements like creation of required infrastructure, fiscal incentives etc., may have financial implications. These details shall be worked out and finalized with due approvals, as part of the action plans prepared by the respective departments. A dedicated fund of Rs. 5000 crores has been proposed to be established to support initiatives for sectoral Action Plans of the Champion Sectors.

Benefits

As the Services sector contributes significantly to India's GDP, exports and job creation, increased productivity and competitiveness of the Champion Services Sectors will further boost exports of various services from India. Embedded services are substantial part of 'Goods' as well. Thus, competitive services sector will add to the competitiveness of the manufacturing sector as well.

The year 2022 marks 75th anniversary of India's independence. The Action Plans to be prepared and implemented by the Ministries/Departments concerned shall develop a vision for each of these identified Champion Sectors in the year 2022 and enumerate steps that need to be taken to achieve that vision.

The share of India's services sector in global services exports was 3.3% in 2015 compared to 3.1% in 2014. Based on this initiative, a goal of 4.2 % has been envisaged for 2022.

The share of services in Gross Value Added (GVA) was about 5 3% for India in 2015-16 (61 % including construction services). A goal of achieving a share of services in GVA of 60 % (67% including construction services) has also been envisaged by the year 2022.

Background

The Group of Secretaries in their recommendations to the Prime Minister, had identified ten Champion Sectors, including seven (7) manufacturing related sectors and three (3) services sectors, for promoting their development and achieving their potential It was subsequently decided that Department of Industrial Policy and Promotion (DIPP), the nodal department for 'Make in India', would spearhead the initiative for the Champion Sectors in manufacturing and Department of Commerce would coordinate the proposed initiative for the Champion Sectors in Services. Accordingly, Department of Commerce, with wide stakeholder consultation coordinated the preparation of draft initial sectoral reform plans for several services sectors and, subsequently the action plan.

Featured

Recent

Recent Post

Categories

Subscribe

Recent Comments

We are not the official website and are not linked to any Government or Ministry. All the posts published here are for information purpose only. Please do not treat as official website and please don't disclose any personal information here.